FUTURE INTEREST Chart - and/or unidentifiable 2...

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FUTURE IN GRANTOR O IN GRANTEE REVERSION Future interest is retained by grantor. O waits patiently following a; 1. fee tail 2. life estate 3. term of years POSSIBILIT Y OF REVERTER O waits patiently following a; fee simple RIGHT OF ENTRY O interrupts O must exercise right following a condition broken. subject to a condition subsequent EXECUTORY INTEREST follows a; determinable or subject to cond. subsequent REMAINDERs A future interest created when a grantor conveys a limited possessory estate and, at the same time, conveys a future interest to another grantee (3rd. third party). *must follow a life estate, fee tail, or term of years. SPRINGING A springing interest divests O (the grantor) not a grantee. *a gap in seisin * (right 2 possession w/ responsibilities) SHIFTING A shifting interest divests the grantee. grantee wait patiently * if no gap* VESTED a remainder is vested if; 1. a born person 2. ident/ascertainable 3. NO condit. precedent CONTINGENT a remainder is contingent if; 1. given to a unborn
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Unformatted text preview: and/or unidentifiable 2. unascertainable person 3. subject to a condition precedent TYPES OF VESTED INTEREST VESTED [w/in the commas] Vested interest have no conditions precedent. vested subject to conditions OPEN (Class Gift) one person of the class must be ascertainedO to A, then to As children. vested subject to DIVESTMENT If vested, w/a limitation that could divest the remainder before it comes possessory. vested subject to EXECUTORY LIMITATIONS If vested, w/a condition subsequent (after they take possession) exec. limitations divest prior possessory estates. (PLAIN) CONTINGENT a contingent remainder becomes vested upon fulfillment of condition but O has a reversion in fee simple absolute if condition unfulfilled or person unascertainable. ALTERNATIVE CONTINGENCY (Mirror Language) **exact opposite provisions, One absolutely divests to another. If not satisfied , the Grantor tells you who the interest goes to....
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This test prep was uploaded on 04/20/2008 for the course PROPERTY 101 taught by Professor Lew during the Fall '08 term at Florida Coastal School of Law.

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